09/03/2020
The US tax system is different to every other developed country’s, in that America taxes based on citizenship rather than on residence. That means that whereas most countries only tax residents (and non-residents who have income arising in the country), the US taxes all US citizens wherever in the world they live. This means that […]
08/10/2020
Because the US taxes based on citizenship rather then residence, just like Americans living stateside, expatriates are still required to file a US tax return if they earn over around $10,000, or just $400 of self-employment income. Similarly, they must declare and pay US taxes on their worldwide income, although there are several exclusions that […]
09/03/2020
FBAR is an acronym for Foreign Bank Account Report. It’s a filing requirement for Americans with bank or financial accounts overseas that meet certain criteria. Americans have been required to report certain offshore accounts since 1970, when the Bank Secrecy Act was passed to prevent money being kept offshore for the purpose of avoiding US […]
09/03/2020
Since 1970, all Americans have been obliged to report their Foreign Financial Accounts, including any they have signatory authority over, if their accounts contain an aggregate total of over $10,000 at any time during a tax year. This filing obligation is commonly known as the Foreign Bank Account Report, or just FBAR. For many years […]
10/26/2020
FBAR is an acronym for Foreign Bank Account Report. Every American who has a minimum of $10,000 in total in their overseas bank and other financial accounts at any time during a tax year has to file an FBAR, whether they live in the States, or abroad. A little history The Bank Secrecy Act was […]
09/03/2020
The Foreign Bank Account Report (known as FBAR) obliges all US citizens and green card holders with foreign bank accounts that contain a total between them of at least US$10,000 at any time throughout the tax year to file a form (114) to the IRS. At the end of last month, President Obama signed into […]